If you’ve just received a pleasant surprise from the IRS in your bank account, you’re not alone.
The IRS has now sent more than 3.1 million one-time “plus-up” payments to tax filers who qualified for a larger stimulus payment after filing their 2020 tax returns. The latest batch of supplemental payments, worth a total of about $1.3 billion, has started rolling out to more than 730,000 households, the IRS said in a statement Wednesday.
Filers may be owed more in their stimulus checks due to changes in things like the income or the number of dependents they reported on their 2020 tax return. Five rounds of these supplemental payments have gone out so far, and new payments will continue on a weekly basis as the IRS works to process tax returns from 2020 and 2019.
The agency has distributed at least $5.7 billion in extra payments since it started issuing them April 1, by direct deposit when possible. (The IRS declined to release figures for the first batch of “plus-up” payments, but has published numbers for the subsequent rounds.)
The “plus-up” payments are intended to supplement the latest set of stimulus checks, authorized last month as part of the American Rescue Plan. The third-round stimulus checks are the largest distributed yet by the federal government, at $1,400 per person, including per dependent. Individual filers with an adjusted gross income of $75,000 or less qualify for the full amount, while those earning up to $80,000 can receive a reduced amount. The income limits are adjusted up for married couples and heads of household.
Those who received a stimulus check but shouldn’t have, based on their 2020 income, do not have to pay anything back, the IRS said.